Hyundai Motor Group, including Kia and Genesis, is looking to take advantage of Europe’s “battleground” with plans to expand in the world’s second-largest EV market. With its Czech Republic plant and new low-cost EVs at the heart of its expansion, Hyundai aims to play a more prominent role in Europe.
Hyundai wants a bigger share in ‘battleground’ Europe
After a recent visit to Hyundai’s Nosovice plant in the Czech Republic, company chairman Chung Euisin told workers the facility will play “a very important role” in its continued success.
Hyundai plans to solidify its position as a first mover in Europe’s EV market with new models designed for and made locally. The company is already working to “restore its leadership in electric vehicles” with new models like the second-gen Kona Electric built at its Czech plant.
Hyundai is also importing its best-selling IONIQ 5 from Korea, which just got a refresh with more range and sleek new styling.
However, Hyundai’s new low-cost Casper Electric is expected to play an even bigger role. In June, Hyundai introduced the Casper, better known in Europe as the Inster EV. Starting at under $27,500 (25,000 euros), Hyundai’s new EV will be one of the most affordable in Europe.
New models en route to drive growth
The small electric SUV is designed for city travel with up to 220 miles (355 km) WLTP range. It can also fast charge (10% to 80%) in about 30 mins to get you back on the road quickly.
Despite its small size, Hyundai’s Inster EV “punches well above its weight” with surprising interior space and a fun design. It will launch in Europe later this year, starting under $27,500 (25,000 euros), as one of the most affordable EVs on the market.
Kia is also expanding its EV lineup. After introducing the updated EV6 earlier this month, the company is offering new trim options for its three-row EV9.
Kia’s low-cost EV3, starting at €35,990 ($40,000), is poised to “lead the popularization of EVs” as it rolls out across Europe in the second half of 2024.
Hyundai Motor will prepare for changes in demand with “special editions” of main models, including hybrids and PHEVs. The company will gradually ramp up EV production in Europe “in line with industrial demand.”
Electrek’s Take
After topping Ford and GM for second place in the US EV market through August, Hyundai Motor aims to secure global leadership on the “battleground” in Europe.
According to the latest European Automobile Manufacturers’ Association (ACEA) figures, EV registrations in the EU fell nearly 44% in August compared to last year. The drop was due to significant YOY declines in the two biggest markets, Germany (-68.8%) and France (-33.1%), after EV subsidies were ended.
Hyundai is betting on local production with tailored vehicles to maintain growth, like in the US, where its new Metaplant America in Georgia will open later this year.
Hyunda’s updated 2025 IONIQ 5 will be the first to be built at the facility, while its new three-row IONIQ 9 will be introduced later this year.
With heavy investments in localized production and efficient models, Hyundai will be a brand to watch over the next few years as the industry shifts to electric.
Source: Hyundai, ACEA